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Bitcoin Drops Below $70,000. The hype for ETFs drops

On April 9, the king of cryptocurrencies fell below the critical threshold of $70,000.

According to data from Cointelegraph Markets Pro and TradingView, the drop in the price of BTC/USD occurred in conjunction with the Wall Street opening. The daily low was $69,635 and represented a 4.3% decline from the previous day's local high, highlighting short-term sentiment faltering.

US spot exchange traded funds (ETFs) absorbed little capital, while the Grayscale Bitcoin Trust (GBTC) saw an outflow of $300 million, contributing to sharply negative net flows for the day.

Net outflows amounted to just over $200 million.

However, the two largest ETFs, BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity Investments' Wise Origin Bitcoin Fund (FBTC), have avoided losses, maintaining an unbroken streak of inflows.

Market participants had expected net flows to improve after cryptocurrency financier Genesis announced it had completed its multibillion-dollar transfer of GBTC shares the previous week.


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